Registered number
04795435
Ipswich Trade Frames Limited
Filleted Accounts
31 December 2023
Ipswich Trade Frames Limited
Registered number: 04795435
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 319,806 256,414
Current assets
Stocks 53,771 50,300
Debtors 4 1,210,664 1,096,875
Cash at bank and in hand 438,536 685,444
1,702,971 1,832,619
Creditors: amounts falling due within one year 5 (1,022,503) (1,176,182)
Net current assets 680,468 656,437
Total assets less current liabilities 1,000,274 912,851
Creditors: amounts falling due after more than one year 6 (316,924) (307,278)
Net assets 683,350 605,573
Capital and reserves
Called up share capital 100 100
Profit and loss account 683,250 605,473
Shareholder's funds 683,350 605,573
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J L Sheppard
Director
Approved by the board on 17 February 2024
Ipswich Trade Frames Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 20 20
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 115,011 136,327 146,130 397,468
Additions - 7,640 106,480 114,120
At 31 December 2023 115,011 143,967 252,610 511,588
Depreciation
At 1 January 2023 - 93,654 47,400 141,054
Charge for the year - 16,108 34,620 50,728
At 31 December 2023 - 109,762 82,020 191,782
Net book value
At 31 December 2023 115,011 34,205 170,590 319,806
At 31 December 2022 115,011 42,673 98,730 256,414
4 Debtors 2023 2022
£ £
Trade debtors 219,274 373,960
Amounts owed by group undertakings and undertakings in which the company has a participating interest 460,748 450,875
Prepayments 99,516 138,222
Staff Loans and Advances 9,686 -
Other debtors 421,440 133,818
1,210,664 1,096,875
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 124,643 188,434
Obligations under finance lease and hire purchase contracts 25,247 11,899
Trade creditors 726,945 840,720
Amounts owed to group undertakings and undertakings in which the company has a participating interest 10,000 10,000
Accruals 11,359 35,789
Taxation and social security costs 124,309 89,340
1,022,503 1,176,182
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 214,345 295,122
Obligations under finance lease and hire purchase contracts 75,901 12,156
Other creditors 26,678 -
316,924 307,278
7 Other information
Ipswich Trade Frames Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 3
47, Knightsdale Road
Ipswich
Suffolk
IP1 4JJ
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